Thursday, January 31, 2013

Mortgage Tips

In the early 1980s, mortgages were heartbreakingly expensive. Rates
spiked above 20 per cent. Some people simply walked away from their
homes. Those that didn’t likely ended up paying the asking price several
times over by the time their mortgages matured. Happily, the market has
changed. Compared to the bad old days, mortgages today are almost
ridiculously cheap. In fact, this month (Jan. 2013) BMO announced an
historic low: 2.99 per cent for five years. While its competitors are
expected to follow in what appears to be a race to the bottom, Amy
Wilson (Business – Marketing ’99) cautions would-be homebuyers against
complacency.